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Technology Vision for Life Sciences - 2015

Digital is influencing the life sciences technology landscape and driving a new era—the life sciences “digital ecosystem.”

Overview

Succeeding in the “we economy”

Companies are connected to a digital fabric and a global network that has the potential to touch all aspects of their business. This grand network of businesses, individuals and things has the power to introduce a new era in the digital age—the age of “digital ecosystems”.

The Accenture Technology Vision 2015 surveyed the opinions of 1000+ C-suite and D-suite executives across industries from around the world about the technology trends. 100+ senior executives from life sciences firms participated in the survey across key developed and developing markets. Key digital trends and their likely impact were assessed in the survey.

Trend 3

Healthcare IT platforms capture data from disparate sources (e.g., wearables, phones, glucometers), and connect it to bring a new era of personalized treatment through innovative patient services.

$19.2B​

“For each type 2 diabetes patient, at least $697 per year could be saved by using digitally accessed intermediaries and remote monitoring for diagnosis and treatment—resulting in total annual savings of $19.2 billion.”

How is the life sciences industry impacted?

Platform businesses are changing the world. According to Massachusetts Institute of Technology, “In 2013, 14 of the top 30 global brands by market capitalization were platform oriented companies—companies that created and now dominate arenas in which buyers, sellers, and a variety of third parties are connected in real time.” For life sciences we see potential for disruptors to emerge in four key ecosystems:

Provider

Patient

Product

Regulatory and reimbursement

Trend 4

A data explosion, accompanied by advances in processing power, health analytics and cognitive technology, is fueling software intelligence. Medical devices and wearables can now recognize, “think” and respond to make rapid better informed decisions.

>40%​

“Over 40% of life sciences companies surveyed expect to see data volumes increase by at least 50% in the coming year.”

Trend 5

Workforce Reimagined: Collaboration at the intersection of humans and healthcare

As the digital revolution gains momentum, scientists and life sciences professionals are now using machines to be more efficient, provide better decisions and take on increasingly more complex tasks.

74%​

“Of all life sciences respondents believe that companies will need to focus on training their machines as much as they do on training their people (e.g., using intelligent software, algorithms and machine learning).”

Life sciences companies will need to identify how to train and certify both human and machine interfaces for R&D, manufacturing, and sales divisions.

ABOUT THE RESEARCH

To capture the bigger prize, life sciences companies must embrace digital holistically to improve patients' quality of life and capture the more than $100 billion of commercial value in the US over the next 5 years.

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